Mortage fixed term query

doelani

Our vurrent mortgage discounted term is coming to an end on 4th April, should the bank we have mortgage with have sent us details by now of what it will be increasing to? I know it will be going up by 1.5% as this was the discount we had and will be reverting to the SVR. We are in process of trying to remortgage to pay off our IVA so will not be asking our current provider to tie us into another term with them , if that makes sense lol If our remortgage fails or IVA Full and Final is not accepted we weill be stuck with the SVR for the next 2 years until our IVA finishes but chance we have to take as our IVA meeting is not until after the mortgage changes.

Sorry for rambling on, will not make a big difference to us as our current mortgage is only £39k but still thought they should have informed us by now. We have been with Abbey for 8 years and each time we were due to change bak to SVR I rang and they gave us another reduced deal but cannot do that this time.

So they normally send you a new payment letter? I take it mortgage payments are in arrears so if this changes on 4th April our increased payment will be from 28th of April as that is payment date?

Trying_to_be_good

Are you on a sub-prime mortgage or a prime mortgage? I'm guessing prime as it's Abbey? Have you asked your current lender what they can offer you? I'd give them another call as it seems strange they aren't offering you a new deal of any kind. There is less paperwork (and fewer checks) if you stay with the same lender. Do you know why they've not offered you someting else, e.g. have you missed payments?

Apologies if you've already done all this, but just in case you haven't I thought it worth checking.

doelani

Trying_to_be_good wrote: »

Are you on a sub-prime mortgage or a prime mortgage? I'm guessing prime as it's Abbey? Have you asked your current lender what they can offer you? I'd give them another call as it seems strange they aren't offering you a new deal of any kind. There is less paperwork (and fewer checks) if you stay with the same lender. Do you know why they've not offered you someting else, e.g. have you missed payments?

Apologies if you've already done all this, but just in case you haven't I thought it worth checking.

We are on a normal mortgage with Abbey and do not want to ask Abbey what they will offer this time as due to IVA they will not offer us new mortgage with equity release ( been advised this by a few brokers) and as they are also one of my unsecured creditors in IVA. We already have a mortgage promise with a subprime lender and have had survey done last week so hopefully will be getting new mortgage.

I would add that we have never missed a mortgage payment and last time I spoke to Abbey to get redemption figure they said to ring nearer the time our Mortgage was due to change and they would see what they can offer us . This is what has happened every other time , but I have usually phoned 28days before the date so have not been waiting on letter to say what payments would increase to, just thought I would get something. Will give them a ring tomorrow.

thanks for your reply